Abstract: In both theoretical and practical levels, it is valuable to study the characteristics and disciplines of private enterprises M&As. As existing literature lacks systematic investigation of the drives of Chinese private enterprises cross-border M&As, we use case study as methodology to analyze three Chinese private enterprises cross-border M&As cases to systemically identify the Chinese private enterprises cross-border M&As motivations and build a Four Wheel Drive model. The research finding indicates that the motivations of Chinese private enterprises cross-border M&As include brand internationalization, core technology acquisition, market share expansion, and international business experience acquisition. Finally, we compare our research findings with a classic study of western enterprises cross-border M&As motivations. It indicates that the heterogeneous motivations of Chinese private enterprise arecomposed of three factors - brand internationalization, core technology acquisition, and international business experience acquisition.

Key words: M&Asmotivations, cross-border M&As, private enterprises